Fatality.

Some thoughts on the landscape of Bitcoin-backed fixed-income securities, and the endgame coming into focus. To rewind a bit, let me take you back to 2021, the manic phase of the COVID bull market. I had just begun a full-time position writing research for Bitcoin Magazine Pro

If you're wondering why Strategy ($MSTR) isn't selling options on their Bitcoin it's because the option contacts themselves are securities and not commodities and subject to the Investment Company Act rules in the US. Essentially if MSTR starts generating income primarily by

Momentum

Metaplanet Climbs into Top 5! 🕺🪩💃

Incredible! Thanks to Michael Saylor, Metaplanet now has market comps when they go out and price their offerings, and TradFi/fixed income investors love nothing more than pure comps for valuation

There is no second best explanation of what's going on

成長の関数から見ても、近い値はあり得る🤭

If only you could buy a Japanese equity with no tariff exposure. Or perhaps a dividend paying instrument with downside protection... 奥野晋平（Shinpei Okuno）

MSTR / Strategy is the only company in the US that reports earnings weekly (Mondays). They just do the call quarterly

Chief Counsel has spoken. And hours billed...

Jeff, your comments deserve a thoughtful response, so here goes: "Neither of those metrics are static". Correct, and I've never claimed they are. mNAV fluctuates daily and btc/share mostly only moves upward. My goal with this post was to point out this is how the math works.

I always go back to first principles… If you believe in owning a house, then buy directly with cash. IMO, you don’t need to take on risks associated w/ the financial engineering of "5x levered financing".

@metaplanet_JP 3350 looking cheap at ¥1552 with 4.28x mNAV. just 5.5 months to cover. they keep piling on BTC until the market realizes mNAV is cheap, below normal range. x.com/Metaplanet_JP/…

“Notably, the June trading volume for Metaplanet exceeded that of Prime Market giants such as Toyota Motor (¥1.6445 trillion) and Sony Group (¥1.3153 trillion)” - Reuters jp.reuters.com/markets/japan/…

Fixed colors to make it more intuitive after recommendation from the Discord:

👀

Simon Gerovich Hm, I asked the market cap weighted indices their thoughts on fair value mNAV and I didn’t get a response back